Heritage Auction Galleries is pleased to bring you the Robert Moreno #1 Registry Collections of Peace Dollars as featured collections in our upcoming Atlanta ANA Signature Auction, taking place on April 6-7 in Atlanta. These collections - one covering circulation strike Peace Dollars, and another covering proofs, both rank as the finest collections known to NGC.

To be sure, there is not a great deal of competition for the Finest Known collection of Proof Peace Dollars, but in large part this is because Proof Peace Dollars are quite rare. Mr. Moreno's collection, covering all five recognized varieties of proof Peace Dollars, is a formidable numismatic achievement by any standards. Each of these coins grades as a full Gem or finer, and Matte, Satin, and High Relief varieties are available for both 1921 and 1922.

Many numismatists collect circulation strike Peace Dollars, but it would be difficult to imagine a finer set than Mr. Moreno has assembled. To mention that each of the coins in the collection is a Gem or finer doesn't begin to do this collection justice. Perhaps the most prominent coin in this set is the 1921, a coin that draws attention to itself because of its unusual high relief strike. This collection contains one of only eleven such pieces known in MS67 according to both major grading services, with none finer. "None Finer" is in fact a description that applies to the majority of the coins Mr. Moreno has collected, but some have quality that makes them stand out even among this strong a selection. Mr. Moreno's 1925 Dollar bears the incredible grade of MS68, one of only two of the date and three in the entire series known so nice, and his 1926 is the sole coin of the date to have been given an MS67 grade by either major service.

The Robert Moreno #1 Registry Collections include:

• 1921 $1 MS67 NGC.
• 1922 $1 MS67 NGC. Ex: Binion Collection
• 1922-D $1 MS67 NGC.
• 1922-S $1 MS66 NGC.
• 1923 $1 MS67 NGC.
• 1923-D $1 MS66 PCGS.
• 1923-S $1 MS65 PCGS.
• 1924 $1 MS67 NGC.
• 1924-S $1 MS65 NGC.
• 1925 $1 MS68 NGC.
• 1925-S $1 MS65 NGC.
• 1926 $1 MS67 NGC.
• 1926-D $1 MS67 PCGS.
• 1926-S $1 MS66 NGC.
• 1927 $1 MS66 NGC.
• 1927-D $1 MS66 PCGS.
• 1927-S $1 MS65 NGC.
• 1928 $1 MS65 PCGS.
• 1928-S $1 MS65 PCGS.
• 1934 $1 MS67 NGC.
• 1934-D $1 MS67 PCGS.
• 1934-S $1 MS66 PCGS. Ex: Jack Lee I, Jack Lee II.
• 1935 $1 MS67 NGC.
• 1935-S $1 MS67 NGC.
• 1921 $1 Matte PR65 NGC. Ex: Jack Lee
• 1921 $1 Satin PR66 NGC. Ex: Jack Lee
• 1922 $1 Low Relief Satin PR65 NGC.
• 1922 $1 Matte Low Relief PR65 NGC.
• 1922 $1 Matte High Relief PR66 NGC.

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Readers of this occasional column may be aware that my current collecting love is Seated coinage, and in particular half dimes and dimes. I have appreciated the Seated Liberty design ever since I first saw pictures in Red Books while I was in grade school, and as an adult with an actual income I've been able to put together a decent collection of these two series. I wouldn't say that there is anything necessarily special about any of my coins, but there are a lot of them, and in most cases I'm down to filling key dates and finding out firsthand why better date circulated Seated coins in Heritage auctions always do very well.

The thing that first drew my interest to these coins was the pictures of the 1837 half dime and dime. While I enjoy the series and the design as a whole, these coins are refreshingly uncluttered, without the stars or legend on the obverse to intrude on Liberty's profile. My specimens of these pieces grade no higher than maybe Good-6, but they are attractive coins, far more so than a similarly graded later date.

While these were the first minor coins to bear the seated Liberty design, they were not the first overall. The design originated with Christian Gobrecht, an artist who had long wanted to work for the mint, and who had finally joined after William Kneass' stroke in 1835. Gobrecht was commissioned to come up with a new design for our country's flagship coin, the silver dollar, a piece that hadn't been minted since 1803 except as an 1804-dated presentation piece in 1834. The design that appeared on the obverse of finished product looks very similar to what was released in other denominations in 1837, but the size of the piece grants the coin a majesty that really can't be duplicated in a smaller coin.

However, although the obverse would be duplicated in many other denominations in the next few years, the reverse of the Gobrecht dollar was something new: an eagle, in flight, and (sometimes) climbing amidst a field of 26 stars, one for each state in the union at the time. One of the odd things about Gobrecht dollars in general is that they are collected by die alignment more than any other US coin; this has to do with whether the coin was manufactured in coin or medal alignment, and further whether the eagle is climbing or level when the coin is turned.

1836 Gobrecht Dollars, although minted as proofs, were in fact released for circulation, and the vast majority are found circulated and/or with problems that they have accumulated over the years. Only 1600 original pieces were minted for circulation bearing the 1836 date, although mint employees in future years restruck these pieces and indeed other Gobrecht Dollars bearing 1838 and 1839 dates. Whether a piece is an original or a restrike can be determined in large part by the die alignment; if the eagle is flying level when the coin is turned, the coin is a restrike.

Because Gobrecht Dollars are included in US Type Sets as well as being both rare and beautiful, they are understandably very popular. Heritage is fortunate enough to be able to feature them in most of our Signature Auctions, although at times the coins may be quite well worn. 1836 Originals, despite the paltry mintage, are relatively common in comparison to other dates, and a worn or problem piece is likely to sell at auction for an almost affordable $3,000-$10,000. One piece is known to grade PR66, by NGC, but pieces in the PR63-64 range will appear at auction on occasion. The last such piece Heritage offered, the Proof-63 piece pictured above that we offered in our San Francisco ANA auction last year, realized $43,125.

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You asked, we delivered! Our redesigned website now features wider columns, with plenty of room in the center of the page for you to search or browse for the information you want. What was previously the far right column has been moved out of the main web page and placed apart from the page to the right. This allows for extra room for the main home page content, and dramatically decreases the amount of blank space on the page.

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Gresham's Law: According to Walter Breen, "When two kinds of money are simultaneously in circulation, the overvalued will drive the undervalued out of circulation." It is more commonly expressed as "Bad money drives good money out of circulation," and more accurately done so with the proviso, "If the face value is the same." This principle has repeated applications in numismatics, ranging from the fact that we no longer see silver coins in circulation to the various times when US coinage would be sent overseas for melting if its bullion value exceeded its face value. Named after Sir Thomas Gresham, a 16^th century British financier, who compared the fine coinage of Queen Elizabeth I to the earlier debased coinage of Henry VIII.

Sea Salvage: Coins that have been recovered from shipwrecks. The S.S. Brother Jonathan, S.S. Central America, and S.S. Republic are only recent examples of shipwrecks that have been salvaged, but money has been known to go down with the ship ever since it was first brought on board. Saltwater does not tend to treat silver and copper coinage well; however, the gold coins and bars from some of these recently discovered shipwrecks can be professionally conserved and brought up to very high standards. Most known 1857-S Double Eagles, for example, are from the S.S. Central America, and this date is common in MS63 to MS65 grades.

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